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18 Mar 2014
USD/JPY rejected from Asian highs, but bulls don't lose hope
FXStreet (Moscow) - USD/JPY started the day at 101.76 and managed to climb up to 101.95 due to positive Japanese stock dynamics early in the morning; though the upside was not sustained and the pair returned to 101.80.
USD/JPY is vulnerable to new losses
USD/JPY rebounded from month low on Monday as the relief rally on Russian stock markets after Crimean vote eased the pressure on risky assets and dampened demand on safe heavens. BOJ Governor Haruhiko Kuroda added some oil to the fire as he assured the markets that the Bank will not hesitate to ease monitory policy, if needed. Technically, USD/JPY shall return to the range above 102.00 to improve the immediate picture. As long as the pair trades below the said level, it is vulnerable to new losses. During European session be careful as new twists of Russia/Ukraine conflict may trigger violent market reactions. Putin is going to make a speech on Crimea vote, so be on the alert. Keep an eye at important technical levels: on the downside immediate support comes at US session low of 101.54, once it is broken, the focus will shift to 101.20. On the upside, fresh offers are seen at 102.00 followed by 102.30.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.64, with support below at 101.39, 101.00 and 100.75, with resistance above at 102.02, 102.27, and 102.66. Hourly Moving Averages are mixed, with the 200SMA at 102.57 and the daily 20EMA at 102.39. Hourly RSI is neutral at 55.
USD/JPY is vulnerable to new losses
USD/JPY rebounded from month low on Monday as the relief rally on Russian stock markets after Crimean vote eased the pressure on risky assets and dampened demand on safe heavens. BOJ Governor Haruhiko Kuroda added some oil to the fire as he assured the markets that the Bank will not hesitate to ease monitory policy, if needed. Technically, USD/JPY shall return to the range above 102.00 to improve the immediate picture. As long as the pair trades below the said level, it is vulnerable to new losses. During European session be careful as new twists of Russia/Ukraine conflict may trigger violent market reactions. Putin is going to make a speech on Crimea vote, so be on the alert. Keep an eye at important technical levels: on the downside immediate support comes at US session low of 101.54, once it is broken, the focus will shift to 101.20. On the upside, fresh offers are seen at 102.00 followed by 102.30.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.64, with support below at 101.39, 101.00 and 100.75, with resistance above at 102.02, 102.27, and 102.66. Hourly Moving Averages are mixed, with the 200SMA at 102.57 and the daily 20EMA at 102.39. Hourly RSI is neutral at 55.